MAR receives hearing date for Nasdaq appeal
As previously announced, the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(4) (the "Minimum Bid Price Rule") and Nasdaq Marketplace Rule 4310(c)(2)(B) requiring the maintenance of stockholders' equity of $2.5 million ("Minimum Stockholders' Equity Rule") or market capitalization of $35 million.
On November 9, 2006 the Company received notice that the Company is not in compliance with the Minimum Bid Price Rule and, on November 20, 2006 received a notice from Nasdaq indicating that the Company is not in compliance with the Minimum Stockholders' Equity Rule.At the hearing, the Company will be required to address both the Minimum Bid Price Rule and the Minimum Stockholders' Equity Rule. The Nasdaq's delisting action has been stayed, pending a final written determination by the Nasdaq Listing Qualifications Panel following the hearing.
